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- Ocean GeoLoop: SINTEF Verifies Data of Industry Leading Energy Consumption For The Lime and Cement Industries
Ocean GeoLoop: SINTEF verifies data of industry leading energy consumption for the lime and cement industries
13 Dec 2024 08:15 CET
Issuer
Ocean GeoLoop AS
Ocean GeoLoop: SINTEF verifies data of industry leading energy consumption for
the lime and cement industries
(Verdal, 13 December 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces third party verification by SINTEF of the record low carbon capture
electricity consumption data for the lime and cement industries.
“The excellent collaboration with world-class experts at SINTEF has resulted in
a predictive model and a third-party verification of our earlier communicated
calculated energy numbers, including an estimated 200 kWh electric energy per
tonne for flue gases with 25% CO2 concentration. The potential for further
lowering the cost of capture is significant,” says Kim Kristiansen, Ph.D.,
Chemical Engineering Specialist in Ocean GeoLoop.
The results from this third-party report and predictive capability are efficient
means to provide customer confidence and insight into the Ocean GeoLoop
solution, enabling informed and stepwise engineering and financial derisking.
The process is a fully electric, closed-loop liquid absorption method that does
not rely on the use of harmful chemicals, nor waste heat from industrial
emitters.
“Operational experience with Ocean GeoLoop’s capture process shows that it is
robust, and theoretical calculations of energy consumption document it’s high
level of energy efficiency. Thus, it should be attractive to numerous
applications and customers. Their predictive tool, developed together with
SINTEF experts, enables design of energy and cost effective carbon capture
facilities. Ocean GeoLoop's recent advances represent promising innovations that
allow industries to decarbonize their operations. We are proud to have
contributed to this achievement,” says Jan Erik Olsen, Research Manager in
SINTEF Industri.
The company has multiple go-to-market opportunities. Ocean GeoLoop has
prioritized the European lime and cement industries for ongoing market scaling
of the safe, proven, well documented, and highly robust solution for CO2
capture. The European lime- and cement industries represent a total addressable
market size of 125 million tons per annum. For illustration, a licensing
business model could yield a revenue potential, in these segments in Europe
alone, of EUR 1250-1875 million assuming a license fee of 10-15 euro per ton.
“I am proud of our technical team and the collaborative achievements with SINTEF
and a highly competent set of suppliers. This fruitful collaboration has
leveraged our carbon capture solution, which position us as the technology
leader within carbon capture for the lime-and cement industries and led to
continuously increasing interest from domestic and international customers.
Ocean GeoLoop continues to explore the most efficient delivery models that
efficiently secures market pickup and rapid revenue growth,” Odd-Geir Lademo,
Chief Executive Officer, concludes.
ENDS
For further information, please contact:
Odd-Geir Lademo, CEO, e-mail: odd.geir.lademo@oceangeoloop.com, cell: +47 92 05
29 01
Anders Onarheim, Chairman of the board, Ocean GeoLoop AS, cell: +47 97 40 15 11
About Ocean GeoLoop | www.oceangeoloop.com
Ocean GeoLoop AS uses nature’s own way to solve the challenges of our time in a
circular way. The company has introduced the GeoLoop CC technology that captures
CO2 from point source emissions using natural and harmless processes. Ocean
GeoLoop will help companies and countries achieve their goals of reduced
emissions and access to renewable electricity for the green transition. The
company is listed on the Oslo Stock Exchange Euronext Growth under the ticker
OCEAN.
Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop
More information:
Access the news on Oslo Bors NewsWeb site
Source
Ocean GeoLoop AS
Provider
Oslo Børs Newspoint
Company Name
OCEAN GEOLOOP AS
ISIN
NO0010914641
Symbol
OCEAN
Market
Euronext Growth